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 Solutions to Questions - Chapter 9
Income-Producing Properties: Leases, Rents, and the Market for Space

Question 9-1
How does the use of leases shift the risk of rising operating expenses from lessor to the lessee?
Leases determine how much risk will be borne by the lessor versus the lessee. Future increases in market rent are
compensated for by including an inflationary adjustment, such as a CPI adjustment. In the case of a CPI
adjustment, the risk is shifted to the lessee, because the change in rents is not known in advance. As the lessee is
responsible for any unexpected increases in the level of inflation, the lessor is insured that the real value of the
lease will be preserved. The lessor can shift additional risk to the lessee by including net lease or expense stop
provisions in the lease. It is important to note, however, that we would expect the lessor to accept a lower base rent
as the burden of risk is shifted to the lessee.

Question 9-2
What is the difference between base rents and effective rents?
Base rents reflect rent that will be paid per rentable square foot of leased space. It does not include additional items
such as finish out costs, expense pass throughs and other costs that are included when calculating effective rents.

Question 9-3
What is meant by usable vs. rentable space?
Usable space is the area actually occupied by the tenant. Rentable space is usable space plus a share of common
area in a property which is included in the load factor.

Question 9-4
What are CAM charges?
These are expenses related to common area maintenance of hallways, lobbies, etc. that are usually prorated and
passed on to tenants.

Question 9-5
What are (a) pass through expenses, (b) recoverable expenses, (c) common area expenses? Give examples of each.

Pass throughs are expenses such as electricity, insurance, and property taxes that are billed directly to tenants on the
basis of rentable area that they occupy.

Recoverables are expenses incurred by owners for specific expenses identified in a lease such as security,
maintenance, utilities, etc. and are pro-rated and billed to tenants.

Common areas include mallways, parking areas, lobbies, and hallways. Expenses related to these areas are referred
to as common area expenses.

Question 9-6
What is an estoppel? Why is it used?
It is a legal document used in many circumstances. In real estate, it is used by prospective investors to determine
factual information with tenants, such as amount of any rent owed, improvements promised by the current owners,
etc.

Question 9-7
What is meant by "loss to lease"?
Many leases reflect market conditions and rents that existed when the lease was executed. Many financial statements
estimate gross rental revenue based on (1) all rental space re-leased today at prevailing rents and compare that
amount to (2) actual rental revenue based on leases that have been executed at various times in the past. The
difference between (1) and (2) is "loss to lease", or the difference between current market rents and rents actually
collected based on lease terms with each tenant.

Question 9-8

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reproduction or further distribution permitted without the prior written consent of McGraw-Hill Education.
 What types of expenses would property owners pay when operating and maintaining common areas? Give examples
for office, retail, and warehouse properties.
Common area are for the benefit of all tenants. An example for office properties would be the lobby area. For retail
a good example is enclosed malls where all the area not occupied by the store itself is common area to allow
pedestrians to walk from store to store and use for special events. Warehouse properties might have a loading dock
that is shared by all tenants. All of these property types might have parking as a common area. The tenants would
often pay a pro-rata portion of the operating expenses related to these common areas such as property taxes,
insurance, utilities and maintenance.

Solutions to Problems - Chapter 9

Introduction to Income-Producing Properties: Leases and Market for Space

Problem 9-1
a)

Discount rate 10.00%

I. Net Lease with Steps:

Year 1 2 3 4 5
Net Rent $15.00 16.50 18.00 19.50 21.00

Average rent $18.00

Present value $67.15
Effective rent $17.72

II. Net Lease with 100% CPI

Adjustment:

Year 1 2 3 4 5
Exp. CPI 3.00% 3.00% 3.00% 3.00%
Net Rent $16.00 16.48 16.97 17.48 18.01

Average rent $16.99

Present value $64.04
Effective rent $16.89

III. Gross Lease

Year 1 2 3 4 5
Gross rent $30.00 $30.00 $30.00 $30.00 $30.00
Less: expenses $9.00 10.00 11.00 12.00 13.00
Net rent 21.00 20.00 19.00 18.00 17.00

Average rent $19.00

Present value $72.74
Effective rent $19.19

IV. Gross Lease with Expense

Stop at $9.00 and CPI
Adjustment:

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reproduction or further distribution permitted without the prior written consent of McGraw-Hill Education.
Year 1 2 3 4 5
Exp. CPI 3.00% 3.00% 3.00% 3.00%
Gross rent $22.00 $22.66 $23.34 $24.04 $24.76
Less: expenses $9.00 10.00 11.00 12.00 13.00
Plus: reimbursement 0.00 1.00 2.00 3.00 4.00
Net rent 13.00 13.66 14.34 15.04 15.76

Average rent $14.36

Present value $53.94
Effective rent $14.23
Note: Effective Rent = Present Value / PVIFA, 10%, 5yrs

© 2019 McGraw-Hill Education. All rights reserved. Authorized only for instructor use in the classroom. No
reproduction or further distribution permitted without the prior written consent of McGraw-Hill Education.
b) With the first type of lease, the tenant bears the risk of any unexpected change in operation expense. For the lessor,
although the lease includes a step-up, higher than anticipated inflation could erode the real value of the rental income.

The second alternative includes a CPI adjustment rather than fixed step-ups. The risk of unexpected inflation is shifted
to the lessee.

The third alternative is a gross lease. This is much riskier for the lessor than any of the net leases. The lessor bears the
risk if operating expenses differ from what is expected.

The fourth one is a gross lease that combines a CPI adjustment with an expense stop. This shifts the risk of any
increases in expenses to the tenant, while retaining any decrease in expenses.

Overall, if we rank the alternatives in terms of risk to the lessor, from the least risky to the most risky, the order should
be: Gross Lease with Expense Stop and CPI Adjustments, Net Lease with CPI Adjustments, Net Lease with Steps and
Gross Lease. That is: 4<2<1<3.

c) Based on the analysis in (b), we might expect the effective rents for the four alternatives should exhibit the same order,
from the least to the most risky to the lessor: 4<2<1<3. As the results showed in (a), the effective rents for four
alternatives do rank the same way. The one with the most risk is also the one that offers the greatest effective rent.

Problem 9-2
(a) Total rentable area in building if leased to one tenant:

300,000 (total building area) – 45,000 (non-rentable area) = 255,000 sqft (rentable)

(b) Load Factor for 7th floor:

- Total rentable space on 7th floor = 28,000

- Common area on 7th floor = 3,000, usable area = 25,000, load = 28,000 25,000 =
1.12

(c) Rentable area for tenant:

5,000 usable x 1.12 load = 5,600 rentable

Rent: (5,600 x $30 psf) = $168,000 or $14,000 per month

(d) If common area in lobby is included in load for all tenants, then 7th floor load could be adjusted
upward as follows:

( 7th Floor Load ) x l+ ( Other Common Area in Building / Total Building Rentable) or
1.12 x l+ (30,000 255,000) or 1.12 x 1.118* = 1.25

1.25 x 5,000 = 6,258 rentable space to tenant

* 30,000 255,000 = 11.8%

(e) Rent to tenant with full building load:

6,258 x $30 = $187,745 or $15,645 per month

© 2019 McGraw-Hill Education. All rights reserved. Authorized only for instructor use in the classroom. No
reproduction or further distribution permitted without the prior written consent of McGraw-Hill Education.
Problem 9-3

(a)
Year 0 1 2 3 4 5
Cash Flows $20 $21 $22 $23 $24

PV @ 10% = $82.68

Effective Rent PSF: $21.81

(b)
Year 0 1 2 3 4 5
Cash Flows $150,000 $24 $25 $26 $27 $28

PV @ 10% = $97.84

Total PV of Lease ($97.84 x 20,000 sqft ) = $1,956,813

Less PVOF Moving Allowance 50,000 (Year 0)
Less PVOF Tenant Improvements 100,000 (Year 0)
NPV of Lease $1,806,814
Square Feet of Rentable Space $ 20,000
NPV PSF $ 90.34
Effective Rent $ 23.83

Note: Effective rent paid to the owner is still greater with these allowances than is the case in (a).
Therefore, lease (b) is better for owner.

(c)
Year 0 1 2 3 4 5
Cash Flows $300,000 $23 $24 $25 $26 $27

PV Rents PSF @ 10% = $94.05

Total PV of Lease ($94.05 x 20,000 sqft $ 1,880,998

Less Buyout 300,000
NPV of Lease $1,580,000
/ 20,000 = $79.04 psf

Effective Rent $20.85

The effective rent to owner of Atrium is lower than both alternatives (a) and (b) above, even if the buyout
is paid monthly during year (1). Net rents would be $8 psf in year (1) and effective rent would be
$21.21, which would continue to be lower than both cases (a) and (b) above. Therefore, when compared
to (a) and (b), this alternative is not a good deal for the owner of Atrium.

Problem 9-4
In-line occupied area = 1,300,000 square feet

Common Area = Total area – Anchor tenant occupied area - In-line occupied area = 700,000 square feet

Total Maintenance cost = common area * maintenance cost psf = 700,000*$8 = $5,600,000

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reproduction or further distribution permitted without the prior written consent of McGraw-Hill Education.
Anchor contribution to CAM = $2 per s.f. x 800 s.f. = $1,600,000

CAM(Additional rent per square feet covered by in-line tenant) = (total maintenance cost – anchor contribution) / In-line
occupied area = ($5,600,000 - $1,600,000) /1,300,000 = $3.08 per square feet

In line tenants would have to pay $3.08 per s.f. in CAM charges, plus their base rent per square foot of rentable area.

Problem 9-5
(A) Option A is best because it gives higher effective rent psf. See the calculations below

Option A
Year 1 2 3 4 5
Base Rent $25.00 $ 26.00 $ 27.00 $ 28.00 $ 29.00
CAM $ 3.00 3.18 3.37 3.57 $ 3.79
Net Rent $28.00 29.18 $30.37 $ 31.57 $ 32.79
Present Value =NPV(10%,Rent_each_year) $114.31
Effective rent/square $ 31.71
foot

Option B
Year 1 2 3 4 5
Base Rent $23.00 $24.00 $25.00 $26.00 $27.00
CAM $ 3.00 $ 3.18 3.3708 3.57 3.79
Net Rent $26.00 $27.18 $28.37 $29.57 $30.79
Sales $850,000.000 935000 1028500 1131350 124485
Overage Rent $0- $2,800 $10,280 $18,508 $27,559
PV of Net Rent = NPV(10%,Ret_each_year) $ 1,013,396.12
PV of Overage Rent = NPV(10%,overage rent) $ 36,949.02
PV of Total Rent Revenue = Net Rent + Overage rent) $ 1,050,345.14
Effective rent/square foot = Effective rent/Rentable_ area $ 29.14
(B) Even when sales is expected to grow by 20% per year, option A is still better than option B because it gives effective
rent of $31.71 compared to effective rent of $30.73 for option B.

Year 1 2 3 4 5
Base Rent $ 23.00 $ 24.00 $ 25.00 $ 26.00 $ 27.00
CAM $ 3.00 $ 3.18 $ 3.37 $ 3.57 $ 3.79
Net Rent $ 26.00 $ 27.18 $ 28.37 $ 29.57 $ 30.79
Sales $850,000 $ 1,020,000 $ 1,224,000 $ 1,468,800 $ 1,762,560
Overage Rent $ - $ 9,600.00 $ 25,920.00 $ 45,504.00 $ 69,004.80

Calculate Effective Rent:

PV of Net Rent = NPV (10%, Rent_each_year) $1,013,396.12
PV of Overage Rent = NPV (10%, Overage Rent) $ 94,176.20
PV of Total Rent Revenue = Net Rent + Overage Rent $1,107,572.32
Effective rent/square foot = Effective rent/Rentable_area) $ 30.73

Problem 9-6 (see notes A-E below for explanation)

Gross Potential Income (A) 1,620,000

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reproduction or further distribution permitted without the prior written consent of McGraw-Hill Education.
Loss to Lease (B) 7,950
Vacancy & Collection Loss ( C) 128,160
Net Rental Income 1,483,890
Recoveries (D) 220,800
Other Income 200,000 420,800
Total Income 1,904,690
Operating Expenses (E) 893,200
NOI 1,011,490
Recurring Expenses 100,000
Non-recurring Expenses 250,000 350,000
Net Cash Flow 661,490

Notes A-E
(A) 1st 6 months 2nd 6 months Total
40 units @ $550 @ 6 mos = $132,000 @ 560 = 134,400
80 units @ 600 @ 6 mos = 288,000 @ 610 = 292,800
80 units @ 800 @ 6 mos = 384,000 @ 810 = 388,800
Total $804,000 816,000 $1,620,000

(B) 10 units * (550-500) 9 mos = 4,500

20 units * (600-580) 10 mos = 4,000
10 units * (805-800) 11 mos = (550)
$7,950
1st 6 mos 2nd 6 mos
( C) 4 units * 550 * 6 = 13,200 4 units * 560 *6 = 13,440
6 units * 600 * 6 = 21,600 6 units * 610 * 6 = 21,960
6 units * 800 * 6 = 28,800 6 units * 810 * 6 = 29,160
16 63,600 16 64,560 128,160

(D) 184 units @ 100 @ 12 mos = 220,800

(E) 184 units @ 400 @ 12 mos

+ $10,000 apt. locator = 893,200

Problem 9-7
Part (A)
SUMMER PLACE MALL

Revenue: Base Rents (400,000 sq. ft. @ $20) 8,000,000

Add: Overage Rents 400,000
CAM recoveries 250,000
Less: Vacancy @ 10% of Base Rents 800,000
Effective Gross Income 7,850,000
Less: Operating Expenses
Maintenance/Repair 1,200,000
Management/Admin/Leasing 230,000
Property Taxes 1,715,000
Insurance 105,000
Total Operating Expenses 3,250,000
Recurring Capital Expenses 160,000 3,410,000
Net Operating Income $4,440,000

Part (B)

Future Pro Formas:

© 2019 McGraw-Hill Education. All rights reserved. Authorized only for instructor use in the classroom. No
reproduction or further distribution permitted without the prior written consent of McGraw-Hill Education.
1) The possibility of vacancy reduction from a high level of 10%.
2) Operating expenses in the pro forma may be underestimated as to utility expense which may not be included in the
statement.
3) The likelihood of overage rents continuing or increasing from current levels.
4) A lease rollover schedule should be developed to assess the probability of lease renewal among 40 tenants.
5) A market analysis to determine the likelihood of new retail (competitive) space coming into the marketplace.

Problem 9-8
Part (A)
BETTS DISTRIBUTION CENTER

Rent: (200,000 sq. ft. @$7.00) 1,400,000

Add: Recoveries @ $1.50 300,000
Insurance 15,000
Property Taxes 50,000 365,000
Effective Gross Income $1,765,000
Less: Operating Expenses (NR) 400,000
Property Taxes 15,000
Insurance 50,000
Total Operating Expenses 465,000
CapEx/Improvement Allowance 160,000 625,000
Net Operating Income 1,140,000

Part (B)

1) The possibility of future increases in property taxes and/or insurance.

2) An analysis of competing warehouse space in the market area.
3) Given the age (8 years) of the Center, is the Cap-ex Improvement allowance adequate for the next 5 years?
4) Is the tenant sound financially? What is the outlook for the industry in which it operates?
5) If the tenant is doing well financially, is there a possibility that we can expand the Center and increase the leasable space?

Problem 9-9
Part (A)
WEST OFFICE PLAZA

Revenue: (300,000 sq. ft. @$20) 6,000,000

Add: Other Income (parking) 450,000
Recoverable Expenses 750,000
Less: Vacancy 300,000
Effective Gross Income 6,900,000
Less: Operating Expenses
Management/Admin/ 695,000
Property Taxes 675,000
Insurance 430,000
Operating/Leasing 667,000
Utilities 1,159,100
Janitorial/Cleaning 489,000
Business Taxes 110,000
Total Operating Expenses 4,225,100
CapEx/Improvement Allowance 700,000 4,925,100
Net Operating Income 1,974,900
© 2019 McGraw-Hill Education. All rights reserved. Authorized only for instructor use in the classroom. No
reproduction or further distribution permitted without the prior written consent of McGraw-Hill Education.
Part (B)

1) Market survey of competing properties to determine vacancy/rent trends.

2) Lease rollover schedule for West's 40 tenants to determine renewals/rents.
3) Adequacy of improvement allowance for an 8 year old property.
4) Review of other revenue sources (retail in lobby, cell towers, etc.)
5) Estimates of service employment growth in the relevant metro area—survey tenants to determine expansion possibilities.

Problem 9-10
(a) Only the leases with CPI adjustments are affected. The effective rent for the net lease with a CPI adjustment increases to
$11.83 from $11.61. The effective rent for the gross lease with the expense stop and CPI adjustment increases to $11.59
from $11.30.

(b) Only the gross lease is affected because the owner has to pay the additional expenses. The effective rent on the gross
lease drops to $11.69 versus $12.59. The owner is protected from the expense increase on the net lease and on the gross lease
with expense stops.

© 2019 McGraw-Hill Education. All rights reserved. Authorized only for instructor use in the classroom. No
reproduction or further distribution permitted without the prior written consent of McGraw-Hill Education.
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 A hybrid
1 animal To demolish
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20 to sleep in

VERTICAL

A Spanish
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2 name Slowly
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23 to India
In pursuit
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To fatten
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[89]

[Contents]
Puzzle No. 33
 A SERRATE SYZYGY
By Marcam

Another of Marcam’s masterpieces, somewhat

simpler of solution than her other effort. But not
childishly easy; Marcam finds some stiff definitions
still for interested minds to unravel.
1 2 3
4 5 6 7 8 9
10 11 12 13
14 15 16 17 18 19
20 21 22 23 24 25
26 27 28 29
30 31 32 33
34 35 36 37 38 39 40
41 42 43
44 45 46 47 48 49
50 51 52 53 54
55 56 57 58 59 60 61
62 63 64 65
66 67 68 69 70
71 72 73 74 75 76
77 78 79

[88]
HORIZONTAL

Garden 4 plat Pulls43

To pull6 along after The 44
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Sack 8 To exercise
45 power
Alarm 10 To mimic
47
Be indebted
11 to You 49
A savage
12 animal A unit
50
The 14man Fuss51
A cup 15that cheers To supply
53 weapons
Wager 17 Effusively
55 sentimental
Otherwise
18 Course
58
Frame 20 to support a Hypocrisy
62
coffin Ingenuous
63
Applaud
22 To drudge
65
A form25 of ice Accomplish
66
Stutter
26 Poem 67
Morally
28 improved To drink
68 little by little
A dish30 made with In that
70 way
pastry A notorious
71 fiddler
It is so
31 Gone 73by
Males 33or females To offer
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34 Stepped
78 rapidly
What36the United The 79
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The 38woman
Chief39deity of
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Righteous
41
Invest42
VERTICAL

Pound1 Still 37
Cloth 2for wiping Wave 38
To stay3 for A beam39
Exist 4 Solemn40 wonder
Visionary
5 person Pale46 green
In the6direction of Unresisting
48
Ourselves
7 Forth50
Disfigurement
8 An insect
51
Proceed9 Unclose
52
Ends10of stockings Chart 54
Not any
13 Insane55
Belonging
14 to him Presently
56
A very16 little Wrath 57
To command
17 Donkey59
A measure
19 of distance Joyful60
Knock 21 Goddess
61 of Dawn
Call 23
out Lawful64
Bronze24 or copper Spoken67
A half25dozen Wooden69 or metal pins
Inland27 Type72 measure
Sources
29 of supply A measure
73 of area
Finished
32 Over74 and in contact
Hawaiian
34 food with
Skill 35 A veto76

[91]
[Contents]
Puzzle No. 34
 FIVE SPOTS AND RAYS
By R. B. MacMullin, Jr.

Good interlock, but a number of unkeyed letters.

These are apt to try the ingenuity of the solver.
1 2 3 4 5 6 7 8 9 10 11 12
13 14 15 16
17 18 19 20 21 22
23 24 25 26 27
28 29 30 31
32 33 34 35
36 37 38 39 40
41 42 43 44 45 46
47 48 49
50 51 52 53
54 55 56 57 58 59
60 61 62 63
64 65 66 67
68 69 70 71 72
73 74 75 76 77 78
79 80 81 82
83 84 85

[90]

HORIZONTAL
 Vessel1 used for Negro49
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53
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Asterisk
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God17 of sunshine Scottish
62
Discernment
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64
Near22 A fatty
65 acid
Yale23 Weaving
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Seize25 Homo 68
Tip 26 Herself
69
Fear27 Metal-bearing
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Melody
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Snake30 One73
Used31for bacterial Necessity
74
culture Note78on diatonic scale
Plaster
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79 who sells
Force34times distance Yes 80
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Charcoal
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81 platform
Stag’s
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Australian
41 ostrich Armored
84
Evening
43 Indivisibility
85
Dyne45centimeter
Tint 47
Pedal48digit

VERTICAL

Sign of
1 omission In a 39
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Mistake
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 Legal4security Deity44
Pig 6 Steep46flax
Inform7 Molten
51
Brazilian
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52
Indivisible
9 particle Hostelry
55
Brown10 Weir56
Gold11 Religious
58
Metric
12unit of volume 45 inches
59
Sacred
14 beetle Scrawny
60
Noiseless
16 Void61space
Sulfate
18 of aluminum Common
63 fuel
King20of the fairies Accumulate
64
Natural
21 ability Farinaceous
67
Absent
22 Wax69 impression
Insertion
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71 son of Isaac
Collection
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Epoch29 Because
75 of
Metric
31land measure Equivocation
76
Grief33 Wickedness
77
Planetary
35 orbit Exist79
A nut36 Another
82 note on the
Saltpeter
38 diatonic scale

[93]
[Contents]
Puzzle No. 35
 A SLOTTED OBLONG
By Marion Hague

Splendid corner solids and easy central islands.

Good words. A nice one to solve at leisure.
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
18 19 20 21 22
23 24 25 26 27
28 29 30
31 32 33 34 35 36 37 38 39
40 41 42 43 44 45 46
47 48 49 50 51 52 53
54 55 56 57 58
59
60 61 62 63 64 65 66 67 68 69 70
71 72 73 74 75
76 77 78 79 80 81
82 83 84 85 86 87 88
89 90 91 92 93 94
95 96 97 98 99 100 101
102 103 104 105 106
107 108 109 110

[92]

HORIZONTAL
Foot-gear
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Float10 Hastened
65
The 13
smallest amount An edge
66
The 18
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67 bird
Also20 To wind,
71 as a brook
A kettle
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One22 who carries Small75dagger
something To set
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Items23of record Horse77
Pertaining
25 to a pole To allow
79
To pass
27 from one Co-relative
80 of “neither”
place to another Period
81 of time
To break
28 short A possessive
82 pronoun
Exhausted
29 A delicious
83 drink
Jewel30 Arbor85
Rule31established by A measure
87 of length
authority Entrance
89
Clan34 Machine
90 which gives
Hostelry
36 motion
Extremity
38 At any
93 time
Domestic
40 animal Tells95
Instrument
42 used to A variety
98 of quartz
operate a lock Dwells
99
Snare43 Fastened
102
Color45 Bond
103
Bustle
46 Tag104
Marks47made by Recollect
106
folding Older
107
Sort 49
of skeleton found The108
fruit of the pine
in the sea tree
Striking
51 gently Lyric
109poems
Piece54of instruction An 110
aromatic herb
Sort 55
of preserved fruit
Pouch56
Epistle
58
 To enliven
59

VERTICAL

Hard 1covering High50 school subject

Female2 fowl Delicious
52 nut
Grain3 Great53
Sins 4 Receptacle
55
Provide
5 for meagrely Precious
57 stone
Near 7 Dry 61
Thicket
8 Home 62of a wild beast
Metal9or wooden band A conjunction
63
Short10space of time Indicated
64
Merit11 Always
67
Neuter
12 pronoun To recline
68
According
13 to law Anxiety
69
A nobleman
14 Spoken
70
A Southern
15 Runs72swiftly
constellation A triangular
74 piece of
Fixed16 land at the mouth of a
Inclination
17 river
Listen
19 Potency
75
Having
22 two feet To depart
78
Sees24 Negative
80
A bar26of metal for Domestic
82 animal
raising weight To supply
83 food or
Sacred
27 musical amusement
composition Furiously
84
Land32measure A food
85
Troubles
33 Set again
86
Beside
35 Fine88lace
Otherwise
37 Strong
89 wind
Sort 91
of molding
 To prepare
38 for Common name of old
publication 92German
Not any
39 emperors
Part 41
of verb “to be” Wealthy
94
Existing
43 only in name Soft 96
finned fish
A silk
44used for Boy 97
upholstering Span
100of twenty-four
Expert
46 hours
Demand
47 Kind
101of tree
Whole48 Forward
103
Artificial
49 waterway Exist
105

[95]

[Contents]
Puzzle No. 36
 AN HOUR GLASS
By Mrs. Henry Wolf

The constructor must have turned her hour glass

several times while she was building this hour glass.
It presents beautiful masses of interlocks.
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
16 17 18 19 20
21 22 23 24
25 26 27
28 29 30 31
32 33 34
35 36 37 38
39 40 41 42 43 44
45 46 47 48 49 50
51 52
53 54 55 56 57 58 59 60 61
62 63 64 65
66 67 68 69 70 71 72
73 74 75
76 77 78 79
80 81 82 83
84 85 86 87 88
89 90 91 92
93 94 95

[94]
HORIZONTAL

Definite
1 Clamor52
Cymbals7 used by Delivered
53
Hindu dancers Entanglers
58
Declares
10 Insects
62
Vigilant
16 Wicked63
Publication
17 Skin65 disease
Manifest
20 Defense
66
Plateau
21 Premise
68
17th22 century article of Plunge70
dress Previous
73
Concept
24 Quarrel
74
Confederations
25 of Anger 75
territory Performs
76
Nightfall
26 Unsympathetically
78
Operator
27 of cotton Irritated
79
cleaning machine Harangues
80
Restrain
28 One82 of many
Belonging
29 to Ireland Helmsman
83
Conveyed
31 Employer
84
Insect32 Aversions
85
Bloomed
33 again Liquid88measure
Scotch34 for no Prepared
89
Stride35 Share 91
Silenced
37 A relative
92
Agitate
38 Regards
93
Lyric39poems Assent94
Title 42 Feared95
Half 43
Laundry
45 implement
One48 who lives only for
pleasure
Nautical
51 diary